Financial News: Brazil Services Growth Remains Strong In April

Brazil Services Growth Remains Strong In April

05/06/2024 - 09:25:00 (RTTNews)

(RTTNews) - Brazil's service sector continued to expand at a solid pace in April amid sustained rises in activity and new orders, survey results published by S&P Global showed on Monday.

The seasonally adjusted S&P Global Brazil Services Business Activity Index dropped to 53.7 in April from 54.8 in the previous month. However, a score above 50 indicates expansion.

In April, the growth in both output and new orders was among the strongest since the first half of 2023 and above their respective long-run averages, the survey said.

Business activity increased as a result of sales growth, which was supported by regional events, concerts, marketing campaigns, and resilient demand.

Firms raised their staffing numbers for the seventh successive month in April. Further, the rate of job creation was solid and the second-fastest in a year, despite slowing since March.

On the price front, the rate of input price inflation remained sharp in April, linked to more costs on inputs, labour, transportation, and utility bills. Meanwhile, selling price inflation eased to a six-month low due to price discounting by firms in order to secure new work.

The composite output index also dropped to 54.8 in April from 55.1 in March, indicating one of the strongest growths in the Brazilian private sector in nearly two years.

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